Real Estate Information Archive

Blog

April home sales finished just one percent below a year ago as selling times shortened and tight inventory held steady, according to the RE/MAX National Housing Report. Meanwhile, April's median home price of $255,000 in the report's 54 markets was up a mere 3.6 percent - the smallest year-over-year April increase in eight years.

April's year-over-year sales decline of one percent marked the ninth consecutive month of year-over-year decreases, but April's sales dip was the smallest during that time. At the same time, inventory increased 0.8 percent and marked the seventh consecutive month of year-over-year growth in number of homes for sale. Compared to March, home sales in April sped up by a full week, taking an average of 52 days instead of 59. The average in April 2018 was 51 days. The Months Supply of Inventory in April dropped year-over-year from 3.0 to 2.6.

While the March-over-February increase in home sales of 28.8 percent was the smallest in five years, the April-over-March increase of 10.5 percent was the largest in five years.

"April's home sales blossomed, suggesting the typical seasonal jump in spring sales arrived later than usual this year," said RE/MAX CEO Adam Contos. "Solid buyer interest and sellers with realistic price expectations advanced the market's march toward equilibrium last month. That said, inventory remains constricted, and prices continue to climb, albeit at a slower rate. All in all, April's results were encouraging, and we continue to be cautiously optimistic about the prospects of a healthy spring selling season."

Of the 54 metro areas surveyed in April 2019, the overall average number of home sales is up 10.5 percent compared to March 2019, and down 1.0 percent compared to April 2018. In April 2019, the median of all 54 metro Median Sales Prices was $255,000, up 2.0 percent March 2019, and up 3.6 percent from April 2018.

The average Days on Market for homes sold in April 2019 was 52, down seven days from the average in March 2019, and up one day from the April 2018 average. The metro areas with the lowest Days on Market were Omaha, NE, at 27, and Denver, CO, and San Francisco, CA, both at 30. The highest Days on Market averages were in Augusta, ME, at 116, Hartford, CT, at 89, and Miami, FL, at 86. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Looking to sell your Phoenix home? Searching for the perfect Phoenix home to buy? Contact the Nate Martinez Team today! Our commitment is to provide you the quality of service and communication you desire and deserve. Our goal is to leverage our knowledge and experience to help you get the best price the market will support while still selling your home in a reasonable period of time.

Kicking off the spring homebuying season, March sales climbed almost twenty-nine percent over February, according to the RE/MAX National Housing Report. But this remains the slowest start in five years, with March sales 8.6 percent lower than March 2018.

March was the eighth consecutive month of year-over-year sales declines and the sixth straight month of year-over-year inventory growth, with a 5.3 percent gain. Housing activity in the report’s 54 markets nationwide also saw the Median Sales price grow by 3.4 percent year-over-year – notably smaller than the year-over-year increases in February (5.5 percent) and January (4.6 percent). However, the median sales price has risen by more than 3% year-over-year in 17 of the last 18 months.

From 2015 to 2018, the housing market’s spring sprang to life with an increase in sales from February to March averaging 37.0 percent. March 2019’s month-over-month increase of 28.8 percent was the smallest since 24.6 percent in 2014. Days on Market increased to 59 from 57 last March, while Months Supply of Inventory declined year-over-year to 2.7 from 3.0.

“It was encouraging to see month-over-month sales improve during March,” said RE/MAX CEO Adam Contos. “Although the seasonal bounce that typically ends the first quarter wasn’t as strong as in the past few years, conditions are in place for a healthy spring selling season. Falling interest rates, rising inventory and moderating price increases against the backdrop of a healthy overall economy are cause for optimism for buyers and sellers alike.”

The average Days on Market for homes sold in March 2019 was fifty-nine, down three days from the average in February 2019, and up two days from the March 2018 average. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed. The number of homes for sale in March 2019 was up 0.3 percent from February 2019. Based on the rate of home sales in March 2019, the Months Supply of Inventory decreased to 2.7 from 3.7 in February 2019, and from 3.0 in March 2018. A six-months supply indicates a market balanced equally between buyers and sellers.

Clickhere to download your copy of the RE/MAX National Housing Report for March 2019. Looking to sell your Phoenix home or buy a home in Phoenix? Contact the Nate Martinez Team today! We offer unparalleled service to all clients in the Phoenix real estate market.

December’s declining home sales and growing inventory solidified 2018 as the year the red-hot seller’s market moved toward a balanced market. Price growth also moderated, though December was the 33rd consecutive month of year-over-year increases in home prices, according to the RE/MAX National Housing Report, which includes fifty-three metro areas.

December’s year-over-year decline in home sales of 12.1 percent set a December record in the 10-year history of the report and also marked the fifth consecutive month that home sales were lower than 2017. December was 2018’s 10th month of year-over-year declines in home sales with only April and July topping 2017 sales.

Most telling was December’s 4.6 percent growth in inventory, which was also a report record. December’s year-over-year inventory increase marked the third consecutive month of growth – a trend reversing a decade-long streak of year-over-year inventory declines.

“December’s inventory gain, continuing the three-month growth trend, is welcome news,” said RE/MAX CEO Adam Contos. “The market remains choppy and there’s still a long way to go, but these gains represent steps toward a balanced market, which in the long run is healthy for both buyers and sellers.”

While fifty-four Days on Market was a record low for December sold listings, the 4.1 Months Supply of Inventory was higher than December 2017’s 3.7 months and ahead of November 2018’s 3.9 months supply.

Home buyers paid record amounts throughout 2018 as prices grew year-over-year in every month last year, led by June’s Median Sold Price of $258,500 – an all-time report high. Even so, December’s year-over-year increase of 2.1% was 2018’s smallest, and far lower than the 8.1 percent price growth from December 2016 to December 2017.

“Home sales have cooled, especially during the second half of 2018, but that was inevitable given the strong seller’s market that has persisted for nearly a decade,” Contos said. “We believe sales activity can pick back up if the pace of price escalation continues to moderate, interest rates tick further downward, and wage growth continues.”

Of the fifty-three metro areas surveyed in December 2018, the overall average number of home sales is down -8.5 percent compared to November 2018, and down -12.1 percent compared to December 2017. None of the fifty-three metro areas experienced an increase in sales year-over-year. In December 2018, the median of all fifty-three metro Median Sales Prices was $240,000, up 2.1 percent from November 2018, and up +2.1 percent from December 2017. The average Days on Market for homes sold in December 2018 was fifty-four, up three days from the average in November 2018, and down three days from the December 2017 average.

Clickhere to download your copy of the RE/MAX National Housing Report for December 2018. Looking to sell your Phoenix home or buy a home in Phoenix? Contact the Nate Martinez Team today! We offer over thirty years of unparalleled service to all clients in the Phoenix real estate market.

Keeping up-to-date on developments in our real estate market is crucial. Whether you’re a buyer, seller, or homeowner, you’ve got to know what’s going on in order to succeed in your goals. With that in mind, let’s take a look at the latest news from our Phoenix area real estate market. Conditions remain strong, but we have experienced some changes since this time last year. To learn what those are and hear our full market update, watch this short video: https://rem.ax/2CmQbIU

Although the results of January’s stats show mix results, there is good news for the Phoenix market. Three out of four price metrics reported an increase – median list price up 6.4 percent, the average list price up 10 percent and the median sales price up 1.2 percent.

Pending foreclosures continue in a downward trend, starting with the highest number in November 2011 and down by 78 percent in January. Distressed properties (short sales) have also dropped by 33.8 percent.

There are other indications that the housing recovery in Phoenix will continue. In a recent study, using Moody’s Analytics, based on population and the economy, Phoenix was named the eighth fastest growing metro area. The Phoenix-Mesa-Glendale MSA showed a population growth, which increased from 1 percent in 2012 and has a projected growth of 2.7 percent for 2013.

Although the Phoenix market has struggled with low inventory, new homes are a potential solution. R.L. Brown reported 668 new single family permits in December, which contributed to 35.8 percent increase when compared to December 2012. Overall, there has been a 71 percent increase in new home permits over those numbers in 2011.

For certain, the road back to healthy economy is complex and without constant strides in a positive direction, the road could be long. To read more about the statistics for Maricopa County, please click here. To view the Market Watch report, please click here.

Staying abreast of market trends, data and important information, is a step in the right direction, whether you own a home, investments or plan to purchase in the near future. Be sure to read the recently published STAT Year in Review 2012 and the fourth quarter STAT Plus, for more perspective. Nate

The number of home owners who were put on notice for defaulting on their mortgage payments dropped last month to the lowest level since 2006, according to RealtyTrac reports. Additionally, foreclosure filing were down by 33% in May, making this the eighth month consistently that foreclosure filing have been down. Lenders took back fewer homes in May, the second straight month of declines. And bank repossessions were down in May too — down nearly 30 percent over the last 12 months.

Could this be a sign of recovery in the real estate market?

Experts are still cautious. Lingering delays in banks’ foreclosure process may be the reason for the declining numbers, they say, and not an overall improving picture of the number of home owners facing foreclosure.

"Foreclosure processing delays continue to mask the true face of the foreclosure situation," says James Saccacio, the CEO of RealtyTrac. "Lenders are somewhat unevenly pushing batches of bad loans through foreclosure as they overhaul their paperwork and documentation procedures."

Overall, banks hold 2 million homes in some stage of foreclosure. Banks are on track to repossess about 200,000 fewer homes this year than in 2010; the projection is 800,000 this year compared to 1 million last year.

Nevada continues to lead with the highest rate of foreclosures — one in every 103 households received a foreclosure notice there in May. Here are the top 10 states with the highest foreclosure rate in May: 1. Nevada2. Arizona3. California4. Michigan5. Utah6. Georgia7. Idaho8. Florida9. Illinois 10. Colorado